Because things such as fires, burglaries, and personal injuries can happen anytime, it is incredibly important to have renters insurance. Renters insurance will help you replace your belongings or cover medical costs in most cases. We uncovered the facts to share with you. Read more about Michigan renters insurance below.
Average Renters Insurance Cost in Michigan
In Michigan, you’ll pay about $207 per year for renters insurance, which is 11% more than the national average. However, that’s still far less than what it would take to replace all of your belongings. You probably own a closet-full of clothing, appliances, furniture, cookware, electronics, and jewelry. When you add up the cost of replacing those items, it’s obvious that the low annual premium for insurance would be worth it. Even if you work for minimum wage, you’d only need to work 25 hours to pay for your annual renters insurance premium.
Michigan Rental Insurance Coverage
In 2012, there were 65,665 burglaries in Michigan. With renters insurance, you can eliminate some of the headache and stress of dealing with a burglary if it happens to you. Knowing that you can replace your valuables—often for the full retail value—is reassuring when you’re dealing with a break-in. Renters insurance also protects you in the event of other unexpected events like natural disasters, fire, water damage, and if someone is hurt on your property.
Get Cheaper Michigan Renters Insurance with Discounts
An insurance company will determine your renters insurance premium based on factors such as your address, claims history, current policies, and a slew of other variables. However, you can keep your premiums lower by qualifying for discounts.
- Multi-Policy: Combine insurance policies to save more money.
- No Prior Claims: You won’t pay extra if you haven’t ever filed a claim.
- Safety Devices: Smoke detectors, sprinklers, anti-theft systems, and home monitoring systems can save you money.
- Higher Deductibles: Agreeing to a higher deductible can lower your renters insurance premium. But be careful, make sure the deductible is something you can afford if you need to make a claim.
Facts About Michigan Renters
In Michigan, 28% of residents rent their homes, and the average price they pay for a two-bedroom place is $788. They also only pay on average an annual rate of just $207 for renters insurance. Considering how much money it would take to recover from a theft or disaster, that low premium compared to much bigger life expenses is definitely worth it.
Find Michigan Renters Insurance
Want to start shopping for coverage? Find out how affordable rental insurance can be in Michigan with an individualized rental insurance quote when you call 855-462-2213